FR vs PLD: Correlation
How closely do First Industrial Realty Trust, Inc. (FR) and Prologis (PLD) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FR and PLD?
Across a 3-year window, the weekly returns of FR and PLD correlate at 0.89, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.89 over 3. Stretching to 5 years gives 0.88, with an annualized covariance of 510.6 %².
Few assets follow FR as closely as PLD, which ranks #1 of 14 tracked partners. On 12-month performance PLD holds a 7.0-point edge, +23.0% against +30.0%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FR vs PLD: side by side
| FR (First Industrial Realty Trust, Inc.) | PLD (Prologis) | |
|---|---|---|
| 1-year return | +23.0% | +30.0% |
| 5-year return | +26.5% | +22.5% |
| Volatility (ann.) | 22.2% | 25.8% |
| Beta vs S&P 500 | 0.70 | 0.90 |
| Max drawdown (3Y) | -25.1% | -31.4% |
| Market cap | $8.5B | $137.9B |
| P/E (trailing) | 22.7 | 31.7 |
| Dividend yield | 3.01% | 2.92% |
| Sector / category | US Listed | Real Estate |
Year-by-year returns
| Year | FR | PLD |
|---|---|---|
| 2022 | -25.4% | -31.3% |
| 2023 | +11.9% | +21.6% |
| 2024 | -2.0% | -18.1% |
| 2025 | +18.2% | +25.1% |
| 2026 | +10.8% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FR and PLD good diversifiers for each other?
No: a correlation of 0.89 means FR and PLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FR and PLD?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.87 over the last year and 0.88 over 5 years.
Is PLD a good diversifier for FR?
No: a correlation of 0.89 means FR and PLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 mean?
A reading of 0.89 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fr-vs-pld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fr-vs-pld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FR correlations · PLD correlations
